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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | The following table presents the U.S. and non-U.S. components of Income before income tax expense:
| For the Years Ended December 31,
| 2025 |  | 2024 |  | 2023
U.S. | $ | 575,183 |  |  | $ | 431,248 |  |  | $ | 288,414 |
Non-U.S. | 169,846 |  |  | 62,439 |  |  | 47,632 |
Income before Income Tax Expense(1) | $ | 745,029 |  |  | $ | 493,687 |  |  | $ | 336,046 |
(1)Net of Noncontrolling Interest.
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for income taxes reflected on the Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023 consist of:
| For the Years Ended December 31,
| 2025 |  | 2024 |  | 2023
Current: |  |  |  |  |
Federal | $ | 46,201 |  |  | $ | 58,118 |  |  | $ | 48,940 |
Foreign | 54,108 |  |  | 25,577 |  |  | 20,426 |
State and Local | 37,712 |  |  | 23,639 |  |  | 14,095 |
Total Current | 138,021 |  |  | 107,334 |  |  | 83,461 |
Deferred: |  |  |  |  |
Federal | 16,165 |  |  | 18,212 |  |  | 4,400 |
Foreign | (3,156) |  |  | (14,498) |  |  | (6,580) |
State and Local | 2,077 |  |  | 4,360 |  |  | (714) |
Total Deferred | 15,086 |  |  | 8,074 |  |  | (2,894) |
Total | $ | 153,107 |  |  | $ | 115,408 |  |  | $ | 80,567 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the domestic and foreign components between the Company's federal statutory income tax rate and effective income tax rate for the year ended December 31, 2025 is as follows:
| Amount |  | Percent |  |  |  |  |  |  |  |
U.S. Federal Statutory Income Tax Rate | $ | 166,701 |  |  | 21.0 | % |  |  |  |  |  |  |  |
Domestic State and Local Income Taxes, Net of Federal Benefit(1) | 30,088 |  |  | 3.8 | % |  |  |  |  |  |  |  |
Foreign Tax Effects: |  |  |  |  |  |  |  |  |  |  |
United Kingdom |  |  |  |  |  |  |  |  |  |  |
Statutory rate difference between United Kingdom and U.S. | 6,966 |  |  | 0.9 | % |  |  |  |  |  |  |  |
Excess tax benefits on share-based awards | (9,515) |  |  | (1.2) | % |  |  |  |  |  |  |  |
Other | 2,415 |  |  | 0.3 | % |  |  |  |  |  |  |  |
France |  |  |  |  |  |  |  |  |  |  |
Statutory rate difference between France and U.S. | (313) |  |  | — | % |  |  |  |  |  |  |  |
Gain on sale of business | 15,906 |  |  | 2.0 | % |  |  |  |  |  |  |  |
Other | (100) |  |  | — | % |  |  |  |  |  |  |  |
Other foreign jurisdictions | 857 |  |  | 0.1 | % |  |  |  |  |  |  |  |
Effect of Cross-Border Tax Laws: |  |  |  |  |  |  |  |  |  |  |
France |  |  |  |  |  |  |  |  |  |  |
Foreign tax credits | (14,735) |  |  | (1.9) | % |  |  |  |  |  |  |  |
Other foreign jurisdictions |  |  |  |  |  |  |  |  |  |  |
Foreign tax credits | 1,449 |  |  | 0.2 | % |  |  |  |  |  |  |  |
Tax Credits: |  |  |  |  |  |  |  |  |  |  |
Research and development tax credits | (1,328) |  |  | (0.2) | % |  |  |  |  |  |  |  |
Non-Taxable or Non-Deductible Items: |  |  |  |  |  |  |  |  |  |  |
Non-deductible senior executive compensation | 23,818 |  |  | 3.0 | % |  |  |  |  |  |  |  |
Excess tax benefits on share-based awards | (61,399) |  |  | (7.7) | % |  |  |  |  |  |  |  |
Rate benefit as a flow through | (10,802) |  |  | (1.4) | % |  |  |  |  |  |  |  |
Other | 3,099 |  |  | 0.4 | % |  |  |  |  |  |  |  |
Effective Income Tax Rate | $ | 153,107 |  |  | 19.3 | % |  |  |  |  |  |  |  |
(1)State and local income taxes in New York City, New York State and California comprise the majority of the state and local income taxes, net of federal benefit, as of December 31, 2025. A reconciliation between the federal statutory income tax rate and the Company's effective income tax rate for the years ended December 31, 2024 and 2023 is as follows:
|  |  | For the Years Ended December 31,
|  |  | 2024 |  | 2023
Reconciliation of Federal Statutory Tax Rates: |  |  |  |  |
U.S. Statutory Tax Rate |  |  | 21.0 | % |  | 21.0 | %
Increase Due to State and Local Taxes |  |  | 5.5 | % |  | 4.6 | %
Rate Benefits as a Limited Liability Company/Flow Through |  |  | (1.6) | % |  | (2.2) | %
Foreign Taxes |  |  | 2.5 | % |  | 0.5 | %
Non-Deductible Expenses(1) |  |  | 2.3 | % |  | 2.0 | %
ASU 2016-09 Benefit for Stock Compensation |  |  | (6.6) | % |  | (3.7) | %
Valuation Allowances |  |  | (2.3) | % |  | 0.3 | %
Other Adjustments |  |  | 0.8 | % |  | (0.5) | %
Effective Income Tax Rate |  |  | 21.6 | % |  | 22.0 | %
(1)Primarily related to non-deductible share-based compensation expense.
Schedule of Deferred Tax Assets and Liabilities | Details of the Company's deferred tax assets and liabilities as of December 31, 2025 and 2024 were as follows:
| December 31,
| 2025 |  | 2024
Deferred Tax Assets: |  |  |
Depreciation and Amortization | $ | 9,698 |  |  | $ | 21,316 |
Compensation and Benefits | 164,811 |  |  | 149,275 |
Step up in tax basis due to the exchange of LP Units for Class A Shares(1) | 72,776 |  |  | 63,884 |
Step up in tax basis due to the exchange of LP Units for Class A Shares(2) | 44,971 |  |  | 42,503 |
Operating Lease | 137,637 |  |  | 132,504 |
Other | 28,221 |  |  | 13,354 |
Total Deferred Tax Assets | $ | 458,114 |  |  | $ | 422,836 |
Valuation Allowance | (5,279) |  |  | (5,279) |
Total Deferred Tax Assets Net of Valuation Allowance | $ | 452,835 |  |  | $ | 417,557 |
Deferred Tax Liabilities: |  |  |
Operating Lease | $ | 111,158 |  |  | $ | 106,087 |
Goodwill, Intangible Assets and Other | 48,969 |  |  | 26,962 |
Total Deferred Tax Liabilities | $ | 160,127 |  |  | $ | 133,049 |
Net Deferred Tax Assets | $ | 297,361 |  |  | $ | 284,508 |
Net Deferred Tax Liabilities | $ | 4,652 |  |  | $ | — |
(1)Step-up in the tax basis associated with the exchange of LP Units for holders which have a tax receivable agreement. (2)Step-up in the tax basis associated with the exchange of LP Units for holders which do not have a tax receivable agreement.
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the changes in tax positions for the years ended December 31, 2025, 2024 and 2023 is as follows:
| December 31,
| 2025 |  | 2024 |  | 2023
Beginning unrecognized tax benefit | $ | 380 |  |  | $ | 359 |  |  | $ | 359 |
Additions for tax positions of prior years | 130 |  |  | 79 |  |  | — |
Reductions for tax positions of prior years | — |  |  | — |  |  | — |
Lapse of Statute of Limitations | — |  |  | — |  |  | — |
Decrease due to settlement with Taxing Authority | (384) |  |  | (58) |  |  | — |
Ending unrecognized tax benefit | $ | 126 |  |  | $ | 380 |  |  | $ | 359 |
Schedule of Income Taxes Paid, Net of Refunds | Detail of the Company's income tax payments made during the year ended December 31, 2025 is as follows:
U.S. Federal | $ | 52,070 |  |  |  |  |
U.S. State and Local |  |  |  |  |
New York State | 9,204 |  |  |  |
New York City | 11,434 |  |  |  |
Other | 6,407 |  |  |  |
State and Local Subtotal | 27,045 |  |  |  |
Foreign |  |  |  |  |
United Kingdom | 35,894 |  |  |  |
Other | 2,303 |  |  |  |
Foreign Subtotal | 38,197 |  |  |  |
Total Income Taxes Paid | $ | 117,312 |  |  |  |  |

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